Tenaga Nasional Bhd (TNB) and Malakoff Bhd have emerged as the sole joint bidder for a US$2.3bil power and water-desalination plant in Saudi Arabia after their rivals were refused additional time to bid for the project.
Analysts believe the internal rate of returns (IRR) from the project would be higher than what both companies are getting in Malaysia and that this is another move by Malaysian power companies to expand beyond the country's shores.
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